Milling & Baking News - February 2, 2016 - 35

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Soy Products
Nearby soy flour prices advanced last
week in sync with gains in March soybean
meal futures. Business remained brisk, and
bookings were at least two weeks forward.
Demand for soy flour remained strong
for the many food applications in which
the ingredient is indispensable, including extending the shelf life and improving the nutritional value of a variety of
baked goods. Makers of gravies, soups
and sauces also continued to rely on soy
flour as a thickener that doesn't alter the
taste of their products.
Other steady customers for soy flour
last week were food manufacturers seeking a gluten-free, high-protein ingredient that may serve as a dairy substitute
or be incorporated into some diet foods
or products for diabetics.
Soymeal futures moved higher last
week, as did soybean futures, rebounding from lows of the week made last
Thursday. News that day of the cancellation of a purchase of 395,000 tonnes of
soybeans by China fed bearish sentiment
and underscored the likelihood that the
world's largest soybean importer may
start switching its purchases to newly
harvested South American soybeans because of their likely lower pricing compared with U.S. supplies.
Technical factors also contributed to
a roughly 15c-a-bu decline last Thursday
in nearby soybean futures and a sharp
decline in soybean meal futures as well.
But gains Friday on higher outside markets and worries about South American
weather lifted futures.
The market had less time to digest weekly export sales results because the U.S. Department of Agriculture released data for
the week ended Jan. 21 on Friday, a day

Chicago corn and soy futures
Corn Futures
$ per bu
March
May
July
September
December
March
Soybeans
March
May
July
August
September
November
Soybean Meal
March
May
July
August
September
October

+1¾
+2
+1¾
+1½
+1¼
+¾

+8¾
+9¼
+8¾
+8½
+8
+7½

3.70
3.78½
3.86
3.93
4.00¾
4.09

+5¾
+7¼
+8
+8½
+8½
+9¼

+3¼
+5¾
+6¼
+6¼
+6¾
+7¾

9.61
9.67¾
9.72¾
9.72
9.56¾
9.45¾

+3.90
+3.50
+3.10
+2.90
+2.70
+2.50

+1.70
+.80
-.10
-.40
-.70
-.90

329.90
324.00
321.80
320.80
319.40
315.20

bakingbusiness.com / world-grain.com

Corn Products
Cornmeal prices were little changed
given slim gains in corn futures. Demand
was strong as manufacturers sought to
refill pipelines that had been depleted toward the end of the fall and holiday baking seasons. Hominy prices were steady.
Demand for grits from retail consumers remained seasonally strong, especially in the South. But production was seen
starting to ease beginning in February.
Corn flour, a byproduct of grits manufacturing, was priced lower than a few
months ago because supplies have built
up. Demand was expected to pick up in
February, when breaded fish becomes a
popular food item during Lent.
Corn futures moved up modestly last
week. Nearby contracts were only down
1c a bu through midweek before falling
more decisively last Thursday in a day
of volatile trading in outside markets.
Prices turned higher Friday, erasing
losses for the week. Prospects of ample
world supplies were a bearish backdrop
for corn prices. But recent improvements
in corn ethanol margins to breakeven

levels or to small losses compared with
40@50c a bu losses fairly recently were
supportive.
Market participants continued to pay
close attention to weather conditions in
South America, where a large crop was
getting closer to being harvested. Brazilian weather was expected to remain favorable in the near-term with beneficial
rains and seasonally warm conditions on
the horizon. Argentina remained too dry
unless timely rains become a reality.
The U.S.D.A. released weekly export data on Friday. Net export sales of
corn in the week ended Jan. 21 included
817,000 tonnes for 2015-16, down 29%
from the previous week but up 17% from
the prior four-week average, and 38,400
tonnes for 2016-17. Trade estimates for
the combined crop years ranged from
750,000 to 1 million tonnes. MBN

Oats
Food-grade oats flakes prices eased last
week amid minor declines in seasonal demand for hot breakfast cereals containing oats. Other food items featuring oats,
such as snack foods perceived as having
health benefits, remained popular.
Oats futures declined modestly on
light trading volume, in keeping with
the weaker recent price trend in most agricultural commodities. MBN

Rice
U.S. milled rice and rice byproduct
prices were steady last week, the U.S.D.A.
said. Prices posted by the U.S.D.A. for
world milled rice also were unchanged.
Net export sales of U.S. rice in the week
ended Jan. 21 were 22,700 tonnes, down
46% from the previous week and down
57% from the prior four-week average, the

Rice

Soy products

- Change from - Year
Jan. 29 Jan. 22 Jan. 15
ago
3.72
3.76¾
3.81½
3.86
3.93¼
4.01¾
$ per bu
8.82¼
8.84½
8.90
8.91¾
8.90¾
8.93
$ per ton
272.40
274.40
276.60
277.70
278.60
278.40

later than normal, because of a severe winter storm that caused many government offices to be closed for part of last week.
Net export sales of soybean meal in the
latest week were 200,800 tonnes for 201516, down 28% from the previous week
but up 71% from the prior four-week average, the U.S.D.A. said. Trade estimates
ranged from 100,000 to 250,000 tonnes.
Net export sales of soybeans in the
week ended Jan. 21 were 647,800 tonnes,
down 34% from the previous week and
down 14% from the prior four-week average, the U.S.D.A. said. Analysts' estimates
ranged from 550,000 to 800,000 tonnes. MBN

Defatted, f.o.b. Midwest plant, $ per cwt
- Change from -
Jan. 29
Jan. 22
Jan. 15
Soy ﬂour
Bulk
23.93 @ 29.09 +.16@ +.20 +.09 @+.09
Sacked
24.93 @ 31.09 +.16@ +.20 +.09 @+.09

Corn meal
$ per cwt
Jan. 29
Chicago, bulk
16.90@ 18.22
Chicago, sacked 18.67@ 19.99
New York, bulk 18.57@ 19.89
New York, sacked 20.99@ 22.31

Ingredient Week

- Change from -
Jan. 22
Jan. 15
+.04@+.04 +.18@+.18
+.04@+.04 +.18@+.18
+.04@+.04 +.18@+.18
+.04@+.04 +.18@+.18

Oats
- Change from -
Minneapolis
Jan. 29
Jan. 22 Jan. 15
Food grade ﬂakes, f.o.b.,
bagged, $ per cwt
27.75@28.00 -.25
-.25
Milling quality oats, No. 2 heavy,
$ per bu
2.50¾
-4¾c
+2c
Oat hulls, $ per ton
25@35
-.25c
-.25c

Oﬀers f.o.b. mills, $ per cwt, bagged
- Change from - Year
Cash
Jan. 29
Jan. 22 Jan. 15 ago
Long grain
24.00@25.00
-
- 23.00
Medium grain 23.00@25.00
-
- 30.00
Parboiled
25.00@26.50
-
- 25.00
Second
heads, bulk 15.25@19.00
-
- 21.00
Brewers
14.50@16.75
-
- 18.00
f.o.b. mills, $ per ton
Rice millfeed
65@70
-
- 65.00
Rice bran
120@140
-
- 125.00
Rice hulls
10@20
-
- 15.00
U.S.D.A. world price milled - $ per cwt
Long grain
14.60
-
- 16.33
Medium/short
grain
14.12
-
- 15.79
Broken
8.81
-
-
9.85
C.B.O.T. rough rice futures - $ per cwt
March
11.35
+0.39 +0.69½ 10.57
May
11.63
+0.39 +0.67½ 10.84
July
11.90½
+0.39 +0.67½ 11.07
September
12.00½ +0.38½ +0.74 10.80
Milling & Baking News XFebruary 2, 2016 / 35

http://www.bakingbusiness.com http://www.world-grain.com

Milling & Baking News - February 2, 2016

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